Volt will allocate the new funds to repay a convertible loan facility, and for working capital requirements, as it progresses project approvals and financing programs in Tanzania.
The company is focused on the exploration and development of the wholly-owned Bunyu Graphite Project.
Asimwe Kabunga, chairman for Volt, commented:
"With the company now on the cusp of delivering a number of company making milestones including obtaining key project development approvals and securing development funding, the board believes it was timely to strengthen its near-term cash position.
"Further, we are pleased with the level of support for the capital raising by institutions and sophisticated investors and the company looks forward to providing further updates on key corporate and operational developments in the near-term."
Volt remains focused on completing the Stage 1 development of Bunyu within the next 12 to 15 months.
Bunyu is the largest JORC Resource deposit in Tanzania with 461 million tonnes at 4.9% total graphitic carbon (TGC).
This comprises a measured resource of 20 million tonnes at 5.3% TGC, a 155 million tonne indicated resource at 5% TGC and a 286 million tonne inferred resources at 4.9% TGC.
This provides 22.6 million tonnes of contained graphite.